Connect with us

Business

Heritage Cannabis Holdings Corp (OTCMKTS: HERTF) Posts A Robust Growth Of 338% YoY In Q2 2021: Achieves Success With RAD Branded Products

Published

on

Heritage Cannabis Holdings Corp (OTCMKTS: HERTF) reported revenues of CAD 4.6 million (up 338% YoY) in Q2 2021. 

Heritage CEO Clint Sharples is pleased to report stellar growth in Q2 2021. The company will continue the same growth momentum in the coming quarters. 

The company posted a record profit of CAD 1.5 million in Q2 2021. Heritage transformed itself to offer six internal brands nationwide from a contract manufacturing firm. It also established an e-commerce site in the US for the sale of medical products. These initiatives in the past year helped it to post impressive growth in Q2 2021. Heritage maintains a cash balance of CAD 11 million at the end of April 2021. 

Heritage enhanced its product line to include dried flower, topical, vapes, edibles and concentrates. In addition, the company strengthened product distribution nationwide. 

The company unveiled the RAD brand that includes distillate vape, flower, concentrate, edibles, and live resin vape. 

It is the best-selling brand in Canada for concentrates. The company shipped RAD branded products to Ontario, Manitoba, CannMart, NWT, Patient Choice, Nova Scotia, New Brunswick, Saskatchewan, and Alberta.

Expands distribution 

Heritage signed agreements with Medical Cannabis by Shoppers Drug Mart, the Northwest Territories, and New Brunswick in Q2 2021 to expand its distribution.  

The company inked distribution pacts with Great White North Growers after Q2 2021 to enter Quebec besides adding Cannmart, Nova Scotia, and Newfoundland. 

Heritage secured a contract for the sale of flower under its RAD brand in the Dried Cannabis segment. According to data available from Health Canada, flower sales account for 64% of the overall sales in the dried cannabis category.

Secures loan of CAD 7 million

Heritage secured a non-revolving credit facility of CAD 7 million. It will pay an interest of prime + 1.25%. The company used some of the loan amounts to pay back CAD 4.7 million due in January 2022. 

According to a communiqué on April 7, 2021, Heritage plans to enter the Cannabis market in the US by expanding its association with Merida Capital Holdings.  

Heritage recently signed a non-binding LOI to takeover Bloom Brands based in California through an all-stock deal. Bloom Brand conducts its sales operations in Nevada, Oklahoma, Washington, New Mexico, Arizona, and California. 

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.

FEATURED STORIES

Business20 hours ago

The Green Organic Dutchman Holdings (OTC: TGODF) Releases an Update on its Canadian Securities Exchange Listing

Post Views: 4 The Green Organic Dutchman Holdings (OTC: TGODF) is a top producer of organically-grown, premium certified marijuana, and it...

Business20 hours ago

Next Green Wave Holdings Inc (OTCMKTS: NXGWF) Announces the Resignation of One of Its Directors

Post Views: 55 Next Green Wave Holdings Inc (OTCMKTS: NXGWF) recently announced that a Director had resigned from this position. The...

Business21 hours ago

AFC Gamma Inc (NASDAQ: AFCG) Increases Quarterly Dividend by 13.2% per Share, and the Group Expands its Senior Secured Credit Facility with Devi Holdings, Inc. by $30 Million

Post Views: 26 AFC Gamma Inc (NASDAQ: AFCG) recently announced a dividend for the quarter ending September 30, 2021. The...

Business21 hours ago

TerrAscend Corp (OTCMKTS: TRSSF) Acquisition of Gage Cannabis Receives Pre-Qualification Approval

Post Views: 53 TerrAscend Corp (OTCMKTS: TRSSF) is a leading cannabis operator based in North America that recently announced it had...

Business2 days ago

Jushi Holdings Inc (OTCMKTS: JUSHF) Opens 15th Store in Pennsylvania, Acquires Nature’s Remedy, and Announced Launch of Flower Brands

Post Views: 2 Jushi Holdings Inc (OTCMKTS: JUSHF), through its subsidiary, Franklin Bioscience – SE LLC. BEYOND / HELLO™ Colwyn...

Business2 days ago

FinCanna Capital Corp (OTCMKTS: FNNZF) Set to launch its “Big Fish” Cannabis-Based Edibles Brand

Post Views: 3 FinCanna Capital Corp (OTCMKTS: FNNZF) is an investment corporation for the United States licensed cannabis market that recently...